Could just update the numbers/dates and run the same story - Except this article says something about first home buyers lowering their expectations, first home buyers don't want to hear that they have anything to do with their problems.

I always post this up on FB when people say housing is unaffordable or that investors are pushing FHOB's out of the market.

But at close to triple the interest rate...

Is it that any different to now?

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I was trying to be sarcastic, the early 90s recession absolutely smashed the jobs market which took years to recover. So in that regard with double digit unemployment it was very different. Having and holding onto a job was much harder.

In terms of a deposit FBers needed a real one and a genuine savings history, not the FBers grant and only 5% saved. Admittedly prices were much lower revelative to incomes but much higher SVRs meant repayments crippled cashflow unlike the current situation.

In terms of a deposit FBers needed a real one and a genuine savings history, not the FBers grant and only 5% saved. Admittedly prices were much lower revelative to incomes but much higher SVRs meant repayments crippled cashflow unlike the current situation.

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Prices were lower compared to household incomes but banks would only lend on the male's income, wife's income was essentially ignored - so serviceability was about the same as today's household income afforability.

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